The Taxes:
Like many other artists and musicians, you may find money
is tight, but don't skip paying your taxes. You can estimate
your taxes and have them filed quarterly. Federal income
taxes are usually withheld from your wages by your
employer.
The Records:
Keeping your business records organized in a system
may be last on your list of priorities, but it is as important
as any other part of your business. Keeping
good records is not as complicated as it may seem, as
long as you can clearly show your income and expenses.
BEVERLY'S TIPS for Self-Financial and Business
Management:
1) Apply for the appropiate City & County Business
License if applicable in your City and State.
2) Consult with a Tax Professional or an Accountant
for professional advice when needed.
3) Open a business account - separate from your
personal bank account.
4) Deposit income received from services rendered
by you into the business account, and pay business
related expenses from the same operating account.
5) Keep all receipts on expenses to be sure you
claim all the business expense deductions you are
entitled to. This will reduce your taxable income. In
order for the business expense to be deductible, it must
be what the law refers to as an "ordinary and
necessary expenditure" in your field of business.
6) A car is an example of necessary business
expense for business. You must be able to prove the
usage in details for business. Use a log book or
calendar to record your business activities.
Being an artist, writer, musician, or etc.. is an exciting
venture. It's a chance for loss or furtune. I am a
business owner (Accounting/Tax Originator) and
recording artist.
My business address: BM Financial
Services
One Commerce Square, Suite 1551
Memphis, TN 38103
Tele: (901) 579-9300 or Fax: (901) 579-9309
E-Mail address: [email protected]
